Vietnam Considering Overhaul of Customs Valuation Regulations

Vietnam customs is considering an overhaul of its regulations on valuation, according to a report from the agency’s website CustomsNews. The current 2015 regulation brought Vietnam in line with the World Trade Organization agreement on valuation of goods, but it also did not define some concepts, making it difficult to implement for traders, the report said. Upcoming changes include the order and conditions under which valuation methods should be apply, as well a rewrite of regulations governing those methods, including transaction value, transaction value of similar goods and deductive value.